Eric,
The 68/69 "valve" on the frame is just a distribution block with the low pressure sensor for the brake light and has nothing to do with pressure regulation between front and rear. You do need that valve up on the master. The reason the later models don't have it up on the master is that the proportioning valve was moved down to where your distribution block is incorporating both functions into one piece. You can get one of the later versions but you will have to change your brake lines as the prop/distribution combo piece is completely different and the line positions/orientations are different.
The bright side is the later versions are quite a bit easier to find and much cheaper than the master mounted ones if you're not worried about originality. I think I may have a few kicking around in a box out back.
Later,
Dennis
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